Freeland, Michigan Property Taxes
The median property tax rate in Freeland, MI is 0.70%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $190,600 in Freeland, the typical annual property tax bill is $1,306, which is well below the national median of $2,690. Property taxes in Freeland are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Freeland's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in Freeland or investing in property here, grasping the nuances of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Freeland, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,334
$1,238
Ownwell’s Freeland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeland to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Freeland, Michigan
Property taxes in Freeland, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeland is 1.54%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Freeland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeland estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Freeland's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48623 zip code has the highest median property tax rate of 1.54%, while the lowest median tax rate is also in the 48623 zip code at 1.54%. Understanding how these cities compare with Freeland provides valuable insights into the varying tax landscape across Bay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeland Tax Rate
0.70%
Average Bay County Tax Rate
1.00%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48623 | 0.39% | 0.50% | 0.70% | 0.87% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Freeland, Michigan
In Freeland, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bay County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Freeland, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Freeland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48623 has the highest and lowest median tax bill, both at $1,306.
Average Freeland Assessed Value
$190,600
Average Bay County Assessed Value
$117,300
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freeland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48623 | $100,380 | $136,200 | $190,600 | $294,200 | $388,120 |
Source: Ownwell
Property Tax Bills Across Freeland, Michigan
Property tax bills in Freeland, located in Bay County, MI, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value typically represents 50% of the market value of the property. Homeowners in Freeland can expect varying tax bills depending on their property's assessed value and the local tax rate. The median home price in Freeland is $190,600. With the national median property tax rate at 0.99%, Freeland's property tax bills can range significantly. For instance, the 25th percentile tax bill is $800, while the 75th percentile reaches $2,013, and the 90th percentile climbs to $2,898. The highest and lowest median tax bills in the area are both recorded at $1,306 in the zip code 48623. These property tax bills fund essential local services such as schools, public safety, and infrastructure. Consequently, homeowners in Freeland need to be aware of these factors as they directly impact their annual financial obligations and the quality of services they receive.
Average Freeland Tax Bill
$1,306
Average Bay County Tax Bill
$1,271
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48623 | $571 | $800 | $1,306 | $2,013 | $2,898 |
Source: Ownwell